Bank of America® Business Advantage Customized Cash Rewards Review

Overview

The Business Advantage Customized Cash Rewards credit card is a no-annual-fee card that offers small businesses the freedom to choose a spending category to earn 3% cash back. There’s also 2% cash back on dining and 1% on any other purchase. Additional perks include a generous welcome bonus, plus a 0% intro APR on your purchases for the first nine billing cycles.

Suitable For?

The Business Advantage Customized Cash Rewards credit card is an excellent choice for small businesses seeking a card that allows them to choose their bonus rewards category. 

It’s also a great choice for businesses who have a checking account with BofA and qualify for the Preferred Rewards for Business Platinum Honors tier, as they can get even more cash back in their selected bonus category. 

Interest Rates and Fees

The Business Advantage Customized Cash Rewards credit card doesn’t charge an annual fee. However, balance transfers and cash advances both attract a 4% fee. There’s also a foreign transaction fee of 3%. 

The card includes a 0% APR intro offer on purchases for the initial nine billing cycles, after which an APR of 17.49%-27.49% Variable applies. There’s no intro APR for balance transfers, however. 

Rewards and Cash Back

The Business Advantage Customized Cash Rewards credit card offers the following cash back rates:

• 3% on a select spending category. The options include gas stations, travel, office supplies, TV, computer services, and business consulting. You can switch your chosen category once every month. 

• 2%  on dining experiences or purchases.

• Unlimited 1% on other purchases.

You’ll get the 3% and 2% rates on up to $50,000 in total annual spending across your choice category and dining. Above that, purchases in those categories earn 1% for the rest of the year.

For business owners enrolled in BoA’s Preferred Rewards for Business program, there’s an opportunity to increase cash back earnings by as much as 75%. For example, if you qualify for the Platinum Honors tier, you can earn the following cash back rates: 

• Choice bonus category: 5.25%

• Dining: 3%

• Other purchases: 1.75%

The Business Advantage Customized Cash Rewards card also offers a statement credit bonus worth $300 if you make purchases worth a minimum of $3,000 within the first three months of opening the account. Most small businesses should be able to earn this bonus relatively easily, as it requires only $1,000 in monthly spending.

As for redeeming your rewards, there’s plenty of choice. You can get your cash back as a deposit in your BoA savings or checking account, a statement credit, or a check. Another advantage is that rewards never expire, provided your account remains active. 

The Application Process

You can apply for the Business Advantage Customized Cash Rewards credit card online on the bank’s website. Here are the steps to follow.

• Go to the Bank of America homepage and click on “Small Business.” Then choose “Credit Cards” and “Cash Rewards Cards.” 

• Scroll down to “Business Advantage Customized Cash Rewards,” then click “Apply Now.”

• Fill in the requested business and personal information.

• Submit your application. 

Most applicants receive instant approval, and your new card will arrive by mail in approximately seven to 10 business days. If you’re not approved, you should receive a response within the same timeframe. 

Help and Support

Bank of America provides 24/7 customer support for cardholders via phone at 800-732-9194 or 1-757-677-4701 if you’re outside the US. Customer reviews on the ease of reaching a representative are mixed, with some users reporting long wait times before they could speak with someone. 

Depending on the kind of services you’re looking for, live chat may be available. To check, log in to your online banking account, go to the Help and Support section, and select “Contact Us.” From there, choose a topic, and if chat is an option, a “Chat Now” link will appear.

BofA also provides assistance through Erica, its AI-powered virtual assistant, and social media (Facebook and X ).

Lastly, depending on the issue, you might be able to find a helpful answer through the FAQs or the Help Center on the bank’s website. 

Security

BofA employs multiple protective measures to safeguard personal and financial data.

The bank uses Secure Sockets Layer (SSL) encryption to safeguard data transfers between your browser or device and its web servers. Biometric and two-factor authentication are also available to keep your account secure. 

Additionally, BofA offers all cardholders zero liability protection. This means the bank won’t hold you responsible for any unauthorized transactions made with your card. 

Finally, the bank actively monitors your account and will immediately notify you if it detects any suspicious activity.

FAQs

Who can apply for the Business Advantage Customized Cash Rewards? 

An applicant must be the business owner or an authorized officer who has the authority to borrow on behalf of the business. They should be US residents or resident aliens with a valid US address. 

Why do I need a small business credit card?

A small business credit card can help separate your business and personal finances. It can make it easier to manage cash flow, control employee spending, and simplify tax preparation. Additionally, using a business credit card over time can help you build a strong business credit profile, which can be beneficial when seeking funding to expand your business.

Conclusion

The Bank of America Business Advantage Customized Cash Rewards credit card is worth considering for small businesses seeking a card with a customizable rewards structure. You’ll earn competitive cashback rates, including 3% on a select category, 2% on dining, and 1% on other purchases. There are zero annual fees, and if you have expenses that you need time to pay off, the card offers a 0% intro APR for the initial nine billing cycles. 

Methodology

This review was compiled using information from the Bank of America website and online review and comparison sites like Trustpilot. 

Editorial Note

This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.